Optimization Theory
The study of finding the best solution from a set of feasible solutions.
117 topics found for
“strategic decision-making”
Decision Theory
The study of how individuals make choices among alternatives and the principles that guide these choices.
Opportunity Cost Neglect
A cognitive bias where individuals overlook or underestimate the cost of opportunities they forego when making decisions.
Hick’s Law
A principle that states the time it takes to make a decision increases with the number and complexity of choices available.
Decision Architecture
The design of environments in which people make decisions, influencing their choices and behaviors.
Prescriptive Analytics
The use of data, algorithms, and machine learning to recommend actions that can achieve desired outcomes.
Monte Carlo Simulation
A statistical technique that uses random sampling and statistical modeling to estimate mathematical functions and simulate systems.
Optimism Bias
A cognitive bias that causes people to believe they are less likely to experience negative events and more likely to experience positive events than others.
Decoy Effect
A cognitive bias where consumers change their preference between two options when presented with a third, less attractive option.